Growth Hacking Strategies for Startups
Every business entrepreneur needs to promote their products effectively to scale up the business. With so many challenges during marketing promotions, the scaling of the business is only possible with the help of growth hacking strategies.
To target the respective audience, every business entrepreneur tries different growth hacking strategies to improve their sales—some of these growth hacking techniques prevail in the market for years.
Many entrepreneurs have been searching for effective growth hacking techniques to grow their business by increasing their audience quickly.
What is Startup Growth Hacking?
Startup growth hacking is the best experiment-driven growth technique that helps determine effective strategies to grow business exponentially and improve revenues. The process of startup growth hacking involves a combination of designing, development, marketing, data analytics, engineering, and strategy implementation.
These are the reasons why it is called a Startup growth hacker. The hacker finds innovative, rapid, and cost-effective strategies to achieve visible business growth instead of relying on the conventional process.
The growth hacker also uses different methods and combinations of the strategies to achieve the business goals, including viral marketing, content marketing, email marketing, A/B testing, SEO, and reverse engineering.
What Does Growth Marketing Mean?
Growth marketing is a general process of conducting experiments, designing, optimizing, and improving the results with prospective goals. If you have a specific metric that you want to improve, then growth marketing is the best way to achieve the goals.
Growth marketing is responsible for achieving the following goals:
- It determines the area of the test.
- It helps to design and develop the experiment to identify and optimize the process.
- Apply different strategies to improve sales.
- It helps in analyzing the results.
Growth marketing is the analytical method that focuses on data analysis or marketing. In comparison, the experiments conducted aim to improve the growth process and scalability.
Growth Strategies Every Startup Needs to Follow
To assist better and grow your business, take the leverage of the growth hacking strategies to expand your business, and increase the profit sharply.
Create Pre-Launch Email List
To create the email list, the entrepreneur needs to have email service providers like MailChimp or any other. This will help to have bulk emails effectively. Communication is an essential part of marketing to attract visitors. And a personalized email helps to target potential audience accurately.
Email marketing is the best kind of marketing for lead generation and enhancing conversion tracking rate. So, it’s mandatory to have a pre-launch email list to deliver your promotional messages to potential clients.
Additionally, the pre-launch emails are also helpful in building hype for the products and events. The emails will allow you to acquire the audience before you launch your product. But don’t just get the list and relax. You need to build the hype regularly and excite your audience with the promotional campaign and launch.
Build a New Brand Partnership
Collaboration is the gateway to expanding business. Small, medium, and large-scale companies always need to build new brand partners to bring brand value to their brand. The partnership also works for the business to target different industrial niches. One of the excellent examples of a business partnership is between Airbnb and Flipboard. The simple strategy behind this is one brand takes advantage of other brand’s strengths.
In partnership, one brand offers the customization of the content to the user of another brand. On the Flipboard site, users create content in terms of reviews and comments. Many brands understand that co-marketing and partnership are among the best growth hacking strategies to improve the business.
The collaboration strategy doesn’t only boost your online presence but also aids in improving the traffic on the website. It enhances visibility and gives brand recognition globally.
Build a Social Media Community
One of the essential parts of growth hacking strategies is a social media presence. It is an essential part of business marketing to improve business. Every business entrepreneur has to take advantage of social media to promote the brand and receive positive feedback.
For this, you need to build a social media community. However, it takes time to build community and traffic. The marketers need to engage themselves with social media activities to give a particular direction to the business.
The most astounding growth hacking strategy is to make social media accounts on various platforms like Facebook groups, Instagram, and many more. Here you can engage with your audience directly.
You need to assure that in social media groups, you need to serve them values. The chances are high to make your audience aware of your brand and impress them with your content.
Take the Leverage of Referral Marketing
Referral marketing is the most effective and tested growth marketing strategy that helps to turn up leads much faster than other means. A referral could be any family, friend, and other marketing influencers.
The biggest benefit of referral marketing is CPA rate is less than the cut-down cost of marketing too.
Additionally, referral marketing helps get a 16% higher retention rate and earns six times faster results. Referral marketing also helps to increase brand awareness and reach users accurately.
The idea is simple behind the referral marketing; the referral gets the 5$ credit as referral code whenever users refer to others.
Guest posting is another useful strategy that helps to build an audience and achieve traffic. There are various guest posting services available that you can opt for. It’s better to choose the best services provider to get a high-quality audience and get organic leads.
The guest blogging post is an effective marketing growth hack that improves organic traffic and gets the best search engine ranking.
You can also search for blogs that are looking for guest authors. Here’s an example in case your startup is related to Home Automation to have about 680 potential webpages to reach out.
inurl:"write-for-us" "home automation"
Follow Your Rivals
Rivals may be available in different sizes and shapes. They sometimes hid and sometimes acknowledge your every step. It’s important to follow these competitors in your respective market.
Make sure that similar to you, the rivals also track you at every step. So, it’s good to track them, take the leverage of the strategy, and strengthen your business. Many businesses fail due to a lack of understanding of their competitor.
They fail to beat their competitors. So, it’s mandatory to follow them regularly to keep yourself one step ahead. The plans are simple: follow, analyze, and build an effective strategy.
Launch Your Products on Various Platforms
Product launch is an essential part of the growth hack strategy. Every week, there are tons of product startups launching at various platforms. So, it’s good to launch your product on social media platforms as it allows you to target the right audience and build a new audience.
Product launching remains as the biggest market leader that allows your business to expose globally and get a global audience. This will act as a golden ticket to receive a better audience and build new opportunities.
Some of the Famous Growth Hacks for Startups
Dropbox Growth Hack
Dropbox growth hack offers extra storage space around 500Mb for the users invited by the person. Each new user will get the extra storage space on creating a new account and the incentive of 60% overnight.
Instead of attractive ads, the Dropbox uses quite simple incentives like:
- They integrate the referrals into the process of onboarding through an online platform and then invite the contacts.
- The more users will connect, the more space will be increased.
It is amongst the famous referral marketing programs that reward entrepreneurs with success.
Twitter Growth Hack
This growth hack works mainly on retention. Perhaps it is the most important example of consistent business growth and applicability used to overcome the challenges of loss of communication with the respective client.
It is the most influential social media information platform that is built to make people aware of different brands. It is the best way of publicity and grabs the attention of an overwhelming audience.
Using the auto-suggestion feature strategy, Twitter becomes eligible to impress and grow the audience.
The auto-suggestion feature helps to have a long list of followers interested in your products and services. This is the best technique to boost sales, improve profit, and conversion tracking rate.
Spotify’s Growth Hack
Spotify is the video and music streaming app that has functionality and features that are impressive. The feature allows cross-sharing of the songs and allows users to post them on Facebook and another platform.
The growth hacking strategy is interesting as users can access the share with the platforms.
Instagram’s Growth Hack
This social media networking site uses the growth hack strategy to gain instant success and popularity. It allows cross-posting and shares your messages on a different platform with great flexibility.
These features are quite remarkable and help to gain publicity instantly at an exceptional level. The Instagram growth hack strategy helps to connect with billions of users and increase your brand awareness.
The Hotmail’s Growth Hack
This powerful growth hack strategy is a free, personalized email generating platform. It is a brilliant growth hacking example that utilizes the existing customers’ emails and new customers to promote products.
The best part is it is effortless and very effective, that doesn’t cost much. Once you deliver an email with a captivating message and a referral link, you will be able to generate a maximum audience that helps expand your business within a short period.
When Hotmail sold to Microsoft there were only 70 million Internet users and Hotmail had 12 million.
Quora Growth Hack
This Quora growth hacking system provides benefits in terms of behavioral study and testing. It helps to pay attention to the most active users on the social media platform and closely examine their behavior. With this growth hacking strategy, users can configure the site better and use that to influence new visitors.
Once the entire process and remodeling are done, the strategic approach will be applied for marketing and increasing visitors.
Uber’s Growth Hack
It is often named as a real-life hack. Uber uses the best growth hacking technique to convince business individuals and investors in the area of SF with various campaign programs. This brilliant approach of free rides proves to be the biggest marketing strategy to generate maximum buzz with Uber.
The offline growth hacking strategy grabs more visitors instantly and gives you a hike in business.
Reddit’s Growth Hack
Reddit growth hack utilizes a direct link and convenient sign-up process to create hassle-free content. Both the founder and the influencer are easily able to submit the content accurately. But by implementing the growth hack strategy, Reddit is also able to boost up the content formation and give success to the business.
Growth of the business is the most challenging aspect that every business entrepreneur faces all time. The business’s real-time issue is achieving the target audience and creating the best marketing campaigns regularly.
However, in such a competitive world, you can grow your business by following the best growth hacking strategies and examples.
With no harm, you will be able to focus on growth and visitors with simple hacks by using these strategies. If you can build better growth strategies, feel free to share it with us.
Committed to growth hacking?
Give a look at our [FREE] Hacking Uncertainty Masterclass or our Virtual Accelerator program that integrate SEO and other digital marketing coaching to better understand and connect to your market.
At M Accelerator, we work to design the best growth strategies for business startups.
During our sessions, in-person and virtual, we discover the right audience, design the business models, and create the whole growth strategy process with our participants in order to create an exceptionally useful business compared to the alternatives.